Analysis of early crop condition ratings shows positive trends | Weekly Commodity Market Update
Join Will and Ben this week as they analyze the current planting pace and early season condition ratings, discussing how these factors are shaping the upcoming growing season. Stay tuned for expert insights and predictions in this detailed overview of the agricultural landscape.
In this video, we cover:
Market recap (changes on week as of Monday's close):
- July 2024 corn down $.19 at $4.43
- December 2024 corn down $.26 at $4.62
- July 2024 soybeans down $.64 at $11.84
- November 2024 soybeans down $.56 at $11.63
- July soybean oil down .81 cents at 44.14 cents/lb
- July soybean meal down $27.00 at $359.50/short ton
- July 2024 wheat down $.25 at $6.72
- July WTI Crude Oil down $4.22 at $74.02/barrel
Weekly highlights:
- Personal incomes rose 0.3% month over month- as expected. Personal consumption grew 0.2% month on month down from 0.3% growth expected.
- The headline PCE index rose 2.7% year-over-year in April, matching expectations and the prior month’s pace.
- Last Thursday the European Union agreed to impose tariffs on grain and oilseeds from Russia and Belarus starting July 1, 2024.
- US energy stocks were mixed for the week of May 24th. Stocks were up for gasoline and distillate fuels while down for crude oil and ethanol.
- US ethanol production increased for the third straight week to 314 million gallons. Corn used for ethanol is behind the seasonal pace needed to hit the current target.
- Open interest positions of Chicago futures and options positions were up for Chicago wheats (+1.2%), soybeans (+0.1%), soybean oil (+1.5%), soybean meal (1.3%), cotton (+0.4%)) and rough rice (+1.2%) while down for corn (-1.5%).
- Managed money traders were net sellers of corn futures and options contracts but net buyers for Chicago wheats and soybeans. Traders sold 12,315 futures and options contracts of corn. After the strong sell off, managed money traders have been net buyers of corn two weeks in a row. Soybeans and Chicago wheats were net buyers of 12,208 and 6,178 contracts, respectively. Managed money remains net short across all three commodities although 80% smaller than six weeks ago.
- Weekly grain and oilseed export sales were neutral for the week ending May 23, 2024. Everything was within pre-report expectations, but down week over week for corn and wheats. Old crop wheat saw net cancelations of 2.2 million bushels led by 2.6 million bushels of canceled white wheat sales.
- Last week’s grain and oilseed export inspections were strong. Inspections were up week over week for corn, soybeans, grain sorghum and wheats. Inspections of corn and wheats came in above all pre-report expectations while soybeans were near the top end of the range.
- 91% of the US corn crop is planted compared to 89% on average. 78% of the US soybean crop is planted compared to 73% on average. Cotton is 70% planted matching the average pace and 51% of the grain sorghum is planted compared to 46%.
- Winter wheat harvest has started with 6% harvested. The winter wheat conditions rating increased slightly to 333 (perfect is 500) and compares to 331 last week and 293 last year.
- The initial corn conditions rating came in at 385 points vs an initial rating last year of 368. Good to excellent rating of 75% was up from trade expectations of 70%.
Topics:
- Market recap
- Crop insurance planting deadline
- Crop condition ratings
- Export inspections up
- Reports to watch
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#CommodityMarket #MarketUpdate #crops #planting #growingseason #WillRobinson #universityofmissouri #benbrown #BrownfieldAgNews #agnews
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